SMM reported on January 17 that
on January 17, the average price of SMM 8-12% high-grade NPI was 939 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu from the previous working day. Supply side, domestically, high-grade NPI prices fluctuate downward, with weak production momentum among domestic smelters, and production is expected to decline. In Indonesia, with the release of some new capacity and additional output from the conversion of some high-grade nickel matte, high-grade NPI production is expected to increase slightly. Demand side, current stainless steel prices have stabilized and rebounded, and steel mill profits have partially recovered. The reduction in production this month is expected to ease compared to the previously planned total production schedule. The economic advantage of high-grade NPI over stainless steel scrap has expanded, leading to an increase in its usage ratio compared to last month. Currently, circulating resources in the market have tightened due to an increase in the proportion of long-term contracts with steel mills. In the short term, high-grade NPI prices may stabilize and rebound.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
